The deal for Buffalo Wild Wings is expected to close early next year. (Dreamstime)

The deal for Buffalo Wild Wings is expected to close early next year. (Dreamstime)

Photo: Dreamstime, HO

Meat-loving Arby's buying Buffalo Wild Wings

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NEW YORK - Meat-centric sandwich chain Arby's said Tuesday that it's buying Buffalo Wild Wings for about $2.4 billion, making it the latest casual restaurant chain to be taken private.

Buffalo Wild Wings, which serves chicken wings in a sports bar-like atmosphere, has reported falling sales as it and other casual restaurants lose customers to cheaper and faster chains. In the most recent quarter, it reported a 2.3 percent sales drop at its established restaurants.

Other chains taken private this year include Panera Bread, which was bought in July for more than $7 billion by JAB Holding Co., and sit-down chain Ruby Tuesday, which agreed last month to be sold to private equity firm NRD Capital for $146 million.

Atlanta-based Arby's said Minneapolis-based Buffalo Wild Wings will operate as an independent brand. Analysts said the two chains seemed to be a good match for each other.

"They both appeal to men," says Bonnie Riggs, a restaurant industry analyst at NPD. Both are also popular among families with kids, she says.

Arby's is majority owned by private equity firm Roark Capital Group, which also has investments in Hardee's, Jimmy John's and other chains.